May 28, 2025

Trump Media Targets $2.5B Raise to Build Bitcoin War Chest

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Trump Media & Technology Group (TMTG), the media company chaired by former Congressman Devin Nunes and closely tied to former President Donald Trump, has announced plans to raise $2.5 billion to fund a bold pivot into Bitcoin. According to a company statement released Tuesday, the capital will be raised through a combination of equity and debt offerings.

Roughly 50 institutional investors are expected to contribute to the raise, which includes $1.5 billion in common stock and $1 billion in convertible senior secured notes. The funds will be used to build a substantial Bitcoin treasury—a strategy that mirrors recent moves by firms betting on crypto as a long-term store of value.

CEO Devin Nunes described the initiative as a push for “financial freedom,” framing Bitcoin as a core asset in TMTG’s evolving business model. He also cited concerns over alleged discriminatory practices by traditional financial institutions, aligning the strategy with the company’s broader anti-establishment messaging.

Beyond Bitcoin accumulation, the firm signaled plans to integrate crypto utilities across its media platforms. These may include subscription payments in BTC, a potential utility token, and digital asset features across Truth Social and its forthcoming streaming service, Truth+.

For asset custody, TMTG will partner with Anchorage Digital and Crypto.com—two institutions known for their secure, regulated crypto storage services. The deal is expected to close by Thursday, May 29.

Rumors Confirmed, Market Reacts Cautiously

TMTG’s official confirmation came shortly after the Financial Times reported on the fundraising plans, initially citing a higher target of $3 billion and hinting at broader crypto ambitions beyond Bitcoin.

Following the announcement, the company’s stock slid more than 11%, closing at $22.82. The drop reflects lingering investor skepticism, as the firm moves into the volatile world of crypto against the backdrop of its polarizing political ties and unpredictable market behavior.

The capital raise is part of a broader strategy that aligns with former President Trump’s growing outreach to the crypto community ahead of the 2024 election. It marks a calculated play that blurs the line between campaign optics and financial innovation, reinforcing Trump’s evolving image as a crypto-friendly figure in U.S. politics.

Earlier this year, TMTG announced the creation of Truth.fi, a fintech arm focused on Bitcoin access, energy-linked products, and alternative finance tools. In March, the company deepened its partnership with Crypto.com to launch exchange-traded crypto products under the Truth.fi brand.

Trump Family Doubles Down on Web3 Ventures

The Trump family’s crypto engagement has escalated rapidly—from subtle nods to full-throttle participation. Over the past several months, the ecosystem of Trump-linked Web3 projects has expanded to include:

Trump and Melania-branded NFT trading cards
Memecoins featuring “TRUMP” and “MELANIA” tickers
A decentralized finance (DeFi) initiative known as World Liberty Financial

These ventures are seen as part political branding, part crypto-native marketing, aimed at tapping into Web3’s cultural zeitgeist. While the strategy resonates with segments of the crypto community, critics have questioned the long-term viability and motivations behind these ventures.

Last week, Trump hosted a private dinner with over 200 investors in the Official Trump meme coin. Held at one of his private properties, the event mixed fundraising with crypto evangelism—positioning Trump as a key ally of the digital asset movement.

However, the event stirred backlash from media and political commentators alike. With the U.S. election months away, critics raised concerns about ethics, optics, and the merging of presidential branding with speculative finance.